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Solana (SOL) is trading above $150 after days of uncertainty and testing critical demand levels. The altcoin has surged 13% since last Thursday, showing signs of strength amid market volatility. Now, Solana is just 5% away from the $160 key resistance, a crucial level it hasn’t surpassed since early August. This resistance marks a pivotal point for SOL, as breaking above it could trigger a significant bullish move.
Top analyst and investor Carl Runefelt has shared a technical analysis suggesting that Solana is forming a bullish pattern. According to his analysis, if SOL breaks above this pattern, it could lead to a massive surge and potentially reach new all-time highs. As traders closely monitor this resistance level, the next few days will be crucial for determining Solana’s future price action.
Investors are eager to see if SOL can break through and spark a broader rally or if it will face rejection and enter a consolidation phase. With momentum building, Solana’s price movements are at the center of attention in the crypto market.
Solana Analyst Predicts New ATH Soon
Solana is approaching the critical $160 resistance level after a 4% surge in the past few hours. Analysts and investors are paying close attention as the entire crypto market rebounds from local lows, and Solana is now poised to follow this trend.
The cryptocurrency has gained 13% since last Thursday and is 5% away from breaking the key $160 resistance, a level it hasn’t surpassed since early August. The market’s growing optimism is reflected across social media platforms, where speculation about Solana’s future price action is mounting.
Prominent crypto investor and analyst Carl Runefelt recently shared his technical analysis of Solana on X. In his analysis, Runefelt highlights that Solana is forming a bullish pattern, which could signal a massive breakout if the price breaks above the $160 resistance.
Solana testing bullish pattern resistance | Source: Carl Runefelt on X
According to Runefelt, Solana’s surge to new all-time highs would be substantial once it breaks the upper boundary of this bullish triangle pattern.
The $160 zone has proven to be a key resistance level, pushing Solana’s price thrice since early August. As Solana moves closer to this critical level again, many investors are optimistic that the price will break through this time, leading to significant upside momentum.
However, a failure to breach this resistance could result in consolidation, with traders looking for stronger confirmation of the next big move.
The coming days will be crucial for Solana, as the market eagerly awaits confirmation of a breakout or further consolidation. If bulls break above the $160 resistance, it could pave the way for Solana to target new highs, driving renewed interest and momentum in the price of the altcoin.
SOL Supply Zone About To Break
Solana (SOL) is trading at $153 after a modest surge above the daily 200 moving average (MA) at $151. This upward movement marks a significant moment for SOL, as being above this crucial indicator is seen as a positive sign for potential future gains. If the price can maintain its position above the 1D 200 MA, it could pave the way for a direct push toward the key $160 resistance level.
SOL breaking above the 1D 200 MA | Source: SOLUSDT chart on TradingView
A successful close above $160 would open the door to a challenge of yearly highs around $210, enticing traders and investors looking for momentum in the altcoin. However, if Solana fails to maintain its position above the daily 200 MA, investors anticipate a retracement to lower demand levels around $140.
Staying above the 1D 200 MA will be crucial in determining the short-term direction for SOL. Investors are closely monitoring these levels, as they could signal either a continuation of the bullish momentum or a potential reversal, leading to increased volatility in the coming days.
Featured image from Dall-E, chart from TradingView
